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At June 30, 2020, the end of its most recent fiscal year, Novak Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash $4,920 Accounts receivable 1.130 Supplies 650 Accounts payable $380 Unearned service revenue 1.050 Owner's capital 5,270 $6,700 $6,700 July 1 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Novak conducted the following transactions during July 2020, and adjusts its accounts monthly. Purchased equipment, paying $4.000 cash and signing a 2-year note payable for $18,800. The equipment has a 4- year useful life. The note has a 6% interest rate which is payable on the first day of each following month. Owner invested $47,000 cash in the company. 3 Paid $3,600 cash for a 12-month insurance policy effective July 1. Paid the first 2 (July and August 2020) months' rent for an annual lease of office space for $3,800 per month Paid $3,600 for supplies Visited client offices and agreed on the terms of a consulting project. Novak will bill the client, Connor Productions, on the 20th of each month for services performed. Collected $1,130 cash on account from Milani Brothers. This client was billed in June when Novak performed the service. Performed services for Fitzgerald Enterprises. This client paid $1,050 in advance last month. All services relating to this payment are now completed. Paid $380 cash for a utility bill. This related to June utilities that were accrued at the end of June. 3 6 9 10 13 14 Enter the July 1 balances in the ledger accounts. (Post entries in the order displayed in the problem statement.) Cash July 1 Bal 4920 Accounts Receivable July 1 Bal. 1130 Supplies July 1 Bal. 650 Accounts Payable July 1 Bal. 380 Unearned Service Revenue July 1 Bal. 1050 Owner's Capital July 1 Bal. 5270 Date Debit Credit Account Titles and Explanation Equipment July 1 22800 Cash 4000 Notes Payable 18800 July 2 Cash 47000 47000 Owner's Capital Prepaid Insurance July 3 3600 Cash 3600 uly 3 Prepaid Rent 7600 Cash 7600 July 6 Supplies 3600 Cash 3600 July 9 No Entry No Entry 0 July 10 V Cash 1130 Accounts Receivable 1130 July 13 1050 Unearned Service Revenue Service Revenue 1050 July 14 Accounts Payable 380 Cash 380 July 16 Cash 11300 Unearned Service Revenue 11300 July 18 Salaries and Wages Expense 10300 Cash 10300 July 20 Accounts Receivable 26300 26300 July 20 Service Revenue Advertising Expense Accounts Payable 2100 2100 July 23 9400 Unearned Service Revenue Service Revenue 9400 July 27 Cash 14100 Accounts Receivable 14100 Post to the ledger accounts.(Post entries in the order of journal entries presented in the previous part.) Cash July 1 Bal. 4.920 July 1 July 2 47000 July 3 July 10 1130 July 3

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